Morgan Stanley Adds to Leveraged Finance Group

Morgan Stanley ( MS) continued to build its leveraged finance business by hiring two veteran executives from GE Capital, according to a memo on Thursday from Michael Hart, global co-head of the acquisition and leveraged finance group.

Bruce Buchanan, 43 years old, and Dan Gioia, 40, will join the firm as executive directors and report to Jason Colodne, global head of the strategic finance group.

Buchanan will become the global head of restructuring finance and strategic lending origination. Gioia will be responsible for leveraged and asset-based lending, structuring and syndication. Prior to Gioia's addition, Morgan Stanley did not have an asset-based lending business.

Morgan Stanley's debt business has consistently ranked below its other investment banking practices in the past. Last year, the company was fourth in global fees for equity issuances and second in worldwide M&A league tables, according to Thomson Financial. But Morgan Stanley was well below the top 10 firms for global lending in 2005.

Last month, Morgan Stanley hired Ashok Nayyar from Citigroup ( C). Nayyar joined the bank after 17 years at Salomon Brothers and Citigroup to co-head the acquisition and leveraged finance group with Hart.